Verition Fund Management LLC Buys Shares of 7,305 Insteel Industries, Inc. (NASDAQ:IIIN)

Verition Fund Management LLC bought a new stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN) during the third quarter, Holdings Channel reports. The fund bought 7,305 shares of the industrial products company’s stock, valued at approximately $227,000.

A number of other institutional investors have also added to or reduced their stakes in IIIN. Hantz Financial Services Inc. purchased a new position in Insteel Industries during the 2nd quarter valued at about $270,000. nVerses Capital LLC purchased a new position in Insteel Industries during the 2nd quarter valued at about $121,000. Isthmus Partners LLC increased its position in Insteel Industries by 6.8% during the 2nd quarter. Isthmus Partners LLC now owns 104,302 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 6,665 shares during the period. Koss Olinger Consulting LLC purchased a new position in Insteel Industries during the 2nd quarter valued at about $413,000. Finally, American Century Companies Inc. boosted its holdings in shares of Insteel Industries by 14.6% in the 2nd quarter. American Century Companies Inc. now owns 467,712 shares of the industrial products company’s stock valued at $14,480,000 after buying an additional 59,591 shares in the last quarter. Hedge funds and other institutional investors own 83.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut shares of Insteel Industries from a “buy” rating to a “hold” rating in a report on Saturday, October 26th.

Insteel Industries Stock Performance

NASDAQ:IIIN opened at $29.61 on Monday. Insteel Industries, Inc. has a fifty-two week low of $26.74 and a fifty-two week high of $39.38. The stock has a market capitalization of $575.91 million, a P/E ratio of 29.91, a P/E/G ratio of 2.21 and a beta of 1.11. The company’s 50-day simple moving average is $29.21 and its 200-day simple moving average is $30.82.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings results on Thursday, October 17th. The industrial products company reported $0.24 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.24. The business had revenue of $134.30 million for the quarter, compared to analysts’ expectations of $140.40 million. Insteel Industries had a net margin of 3.65% and a return on equity of 5.63%. On average, research analysts forecast that Insteel Industries, Inc. will post 1.11 EPS for the current year.

Insteel Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date was Friday, November 29th. Insteel Industries’s dividend payout ratio (DPR) is presently 12.12%.

Insteel Industries Company Profile

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers prestressed concrete strand (PC strand) and welded wire reinforcement (WWR) products. Its PC strand is a seven-wire strand that is used to impart compression forces into precast concrete elements and structures providing reinforcement for bridges, parking decks, buildings, and other concrete structures.